It’s easier to damage the value of your home than you may think
Most people understand that house prices operate on a general upward trend. Of course, there may be small dips along the way but if you hold onto a property for long enough, you’ll make money on it.
That is, providing you don’t do any of these things that devalue your house. Whether you’re enjoying your home, refinancing, or looking to sell, you want to avoid the things that can hurt your property value.
The Name Of your Street
Unfortunately, there isn’t a lot you can do about this one but it is worth noting that most people prefer to live on a street with a name rather than just a number.
In other words, a house on second street will be worth less than one of Stanford street even if the houses are identical!
You can take this a step further and look at the way your street name ends, those that end street are worth the least with properties on streets ending as ‘boulevard’ being worth much more.
Again, of all the things that devalue your house, this is one you can’t do much about. There are still plenty of superstitious people that don’t like certain numbers, such as 13. But, this isn’t just a house numbered 13. Any combination of numbers that total 13; such as 1219 (add the 1,2,1, and 9 together) will be avoided.
The lower rate of interest from prospective buyers reduces the value of your home.
One of the most obvious things that can hurt your property value is the neighborhood you live in. The dodgier it appears the lower the value of your home. Bad neighborhoods tend to have higher crime rates and feel less safe. However, you can live in a good neighborhood but have neighbors that leave mess across their yards, enjoy loud music, and are generally a nuisance.
This will make it harder to sell your house and result in a lower price being necessary.
Chopping Down Trees
Developers often chop trees to make the most of the land they wish to develop. You could be forgiven for thinking this is a good idea. However, if you’re wondering what brings down the value of a house then don’t start chopping mature trees down.
Buyers tend to love them as they are seen to add character. Trim them, but don’t cut them down.
For many people, a lack of local facilities is one of the most common answers to what brings down the value of a house? Put simply, the majority of people want to be close to all amenities and are willing to pay extra for it. That means, if you have a Starbucks, a school, and a few shops near your home, you can get more money for your property.
Of course, a few people prefer not to have any amenities but this is generally the minority and is unlikely to affect your house price.
Most homes are put on the market with an estimation of the space available, the larger the space the better the deal a buyer will seem to be getting. In order to increase the value of your home, you need to consider how much of your space is genuinely usable.
For example, a garage doesn’t count as usable space. But, if you spend a little time converting it into a room, with the correct planning permission, you can increase space and value. The same is true for a basement and even a loft, the greater the amount of living space the better.
Death At The House
By law, a real estate agent must disclose if there has been a death in the house. They must even state if there has been a violent crime or it is suspected that ghosts have visited the house. While a person dying of natural causes at home is unlikely to put many people off, most other crimes will discourage two out of three buyers. In short, you’ll need to reduce the value of your property in order to get a sale.
Lack Of Maintenance
If you haven’t maintained your home it may not be obvious at viewing. But, it will be when the surveys are done that you’ll end up with a buyer renegotiating and lowering their offer. Maintenance is essential to look after your home and minimize unexpected bills, if you don’t do it you will be devaluing your home.
– Things That Devalue Your House
– What brings down the value of a house
– Things That Can Hurt Your Property Value